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The code here didnt work for classic template on prestashop 1.7.4.3, I used this code instead:

 {block name='product_flags'}
<ul class="product-flags">
{if $product->quantity == 0 AND $quantity == 0}
    <li class="product-flag">
        {l s="NOT AVAILABLE" d="Shop.Theme.Catalog"}
    </li>
    {/if} {foreach from=$product.flags item=flag}
    <li class="product-flag {$flag.type}">{$flag.label}</li>
    {/foreach}
</ul>
{/block}

But just coudlt quite get the main page to show the label..